Dedicated to Deposits: Deals, Data, and Discussion

6.50% Money Market Account at a California CU (Valley)


Valley Credit Union
Valley Credit Union is offering a 6.50% APY money market account called the Pinnacle Money Market. For the 6.50% APY you must have Rate Boost which requires at least one of the following relationships: direct deposit of $1,500 or more per month, or an active debit card with three or more transactions per month, or enrollment in both e-Statements and Bill Pay with two or more bills paid per month. Without Rate Boost, the yield falls to 5.50% APY. There are no minimum opening balance requirements, but a minimum $2,500 is required to earn interest. Rates are variable and are subject to change.

The credit union is also offering a 10% APY 12-month certificate, but there's a cap of $1,000. In addition it requires you to sign up for a checking account with direct deposit of at least $1,500/month. A $100 fee may be imposed if the direct deposit does not begin within 45 days after account opening or is discontinued at any time during the term of the certificate.

With the direct deposit requirement of the 10% CD and the small cap, I thought the 6.50% money market account may be a better deal. The main downside to the money market account is that there's no guarantee to how long the 6.50% will last.

Field of membership includes those who live, work or worship in Santa Clara County, Contra Costa County or Alameda Counties, California. You can also be eligible to join via select employee groups and immediate family. See site for details. Membership requires a one-time $10 membership fee and a minimum $50 deposit into the Regular Share savings account.

The credit union is federally insured by the NCUA (Charter # 61034). It has $304.3 million in assets and 30,601 members.

  Tags: California, Valley Credit Union, savings account

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Comment #1 by Anonymous posted on
There is a $6.50 monthly charge for the money market account if balance below $2500.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for info on the monthly charge. That's another downside on this deal.

Comment #3 by SVG (anonymous) posted on

One more dis-advantage: Disclosure states that the 'rate boost' comes with eStatement + 2 bill pays. ... Sure ... But what it does not state is that for bill pay one needs a checking account. Therefore if one decides to take this option for 'rate boost' then one needs to open minimum 3 accounts, rather than 2.

Anyways ... are there any positive/negative experiences about Valley CU that readers have that they want to share ?


Comment #4 by Anonymous posted on
Looks like this needs to be opened in the branch (not over the phone). So only Bay area folks might make use of it.

Comment #5 by Anonymous posted on
How about monthly inactivity fee charge for share account?